Canaccord Genuity Morning Coffee on Marvell Tech (MRVL): Could use a boost from the Avengers
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Price: $11.31 -0.44%
Rating Summary:
11 Buy, 22 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
11 Buy, 22 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
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Canaccord Genuity Morning Coffee on Marvell Tech (Nasdaq: MRVL): Could use a boost from the Avengers.
Chipmaker Marvell Technology’s current-quarter results may miss expectations on faltering growth at its lucrative mobile phone chips business in China and continued slowdown in PC sales. Marvell lagged Wall Street’s expectations for the first time in five quarters. Second-quarter net income was $93.1 million, or $0.16 a share, compared with $192.4 million, or $0.31, in the same period a year earlier. Revenue fell 9.1% to $816.1 million. Both sales and profit missed analysts’ predictions. Falling PC and hard disk drive sales also contributed to the muted outlook, and Marvell said demand would be flat for the current quarter. The company is a key supplier for microcontrollers used in hardware sold mainly by Western Digital Corp (NYSE: WDC) and its storage business is suffering as personal computer demand slows and device makers turn to alternative technology. Its wireless business is struggling as customers such as Research In Motion (Nasdaq: RIMM) lose market share. Marvell forecast profit, excluding certain costs, will be $0.22 to $0.24 a share, lower than with the average estimate of $0.31, in the current quarter which ends in October. Sales will be $800 million to $850 million, compared with the $913 million analysts predicted. CEO Sehat Sutardja said on a conference call Wednesday he expects the mobile and wireless market to decline by mid-single percentage points.
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Chipmaker Marvell Technology’s current-quarter results may miss expectations on faltering growth at its lucrative mobile phone chips business in China and continued slowdown in PC sales. Marvell lagged Wall Street’s expectations for the first time in five quarters. Second-quarter net income was $93.1 million, or $0.16 a share, compared with $192.4 million, or $0.31, in the same period a year earlier. Revenue fell 9.1% to $816.1 million. Both sales and profit missed analysts’ predictions. Falling PC and hard disk drive sales also contributed to the muted outlook, and Marvell said demand would be flat for the current quarter. The company is a key supplier for microcontrollers used in hardware sold mainly by Western Digital Corp (NYSE: WDC) and its storage business is suffering as personal computer demand slows and device makers turn to alternative technology. Its wireless business is struggling as customers such as Research In Motion (Nasdaq: RIMM) lose market share. Marvell forecast profit, excluding certain costs, will be $0.22 to $0.24 a share, lower than with the average estimate of $0.31, in the current quarter which ends in October. Sales will be $800 million to $850 million, compared with the $913 million analysts predicted. CEO Sehat Sutardja said on a conference call Wednesday he expects the mobile and wireless market to decline by mid-single percentage points.
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